Using a local lender that has a local back office can save you a lot of money, time and aggravation. Having the entire process local makes the people much more accountable to you and your needs. They have to deal with us on a local basis. They are just more accountable plus they are often time the most cost effective way to finance.
Making the call to an unknown person in Dallas or Atlanta is much like talking to the IRS, they just do not want to be bothered. The decisions are last minute. They do not understand our our local market and issues.
The interest rates are generally going to be the same or better. The cost are also gnerally going to be cheaper as well. Always ask for a good faith estimate to check out the cost. Ask if they have a lock in period and if the rates drops can you take advantage of the lower rates.
If your lender is late you may just blow the deal. Many sellers will wait for the loan but they do not have to wait. There are times when they will move to the next person or deal.
Ask around to see who has received good service and who has not. The out of town lenders can cause big problems. We will never hear from them again so the incentive to be crediable is long removed. This happens time and time again. That is why I am bringing it up. Tired of last minute suprises. We as agents have our favorite lenders becuse they get the job done for us and give our clients the attention the deserve.
It is especially true with condos to get the local person who knows the various condo associations and knows how to get the imformation they need. More and more deals are falling apart because the lender does not know the market. Just my point of View ! Eric